Ndubuisi 'Andy' Egwim breaks down how to manage black tax on a practical level. On a £50,000 income, set aside 5% (about £2,500 a year) for family or charity. You can't please everyone, so quantifying what you give helps you find peace with it.
£50,000.
5%.
£2,500.
Let's say your income, you're earning £50,000. And for a lot of people, yeah, if you earn £50,000 as a junior doctor and you're putting 5% away, 5%, I think that that will work out somewhere around. For 50,000, that should be about 500, £2,500. So let's say you're putting away £2,500 annually. If you're donating £2,500 to any charity in the UK or Nigeria, anywhere, and they'll probably be writing you a beautiful letter of appreciation every year, and then they might actually invite you special. So if you, if you understand this, you quantify, then it makes you to feel a bit more at peace. Because what happens with black tax, unlike other sort of taxes that you do, you take that 2,500, you give one person 50, give another person 100, give somebody 1,000. So the person that gets 100, it seems like, oh, yeah, give me 100 pounds. It doesn't realize that you're giving to multiple other people at the same time. Yeah, but, but you need to understand that, well, you cannot please everybody at the same time.
